News

News

CRH reported sales of €27.6bn for the year to the end of December, up 2% as solid performance in the Americas and Europe offset weaker performance in Asia.

EBITDA rose 6% to €3.3bn partly supported by a one-off past service credit of €81m due to changes in the group's pension scheme in Switzerland. EBITDA margin grew to 12.0%, up from 11.5% in 2016, while return on net assets was 10.6%, up from 9.7%.

Pre-tax profits rose by 15% to €2bn.

The firm's Americas operations saw organic sales growth of 3% in its materials division supported by continued growth in the residential and non-residential sectors, while infrastructure remained relatively stable.

In Europe, total sales were up 1% compared with 2016 and organic sales were 2% ahead due to continued recovery in key markets.

In Asia, total sales fell 14% to £436m as infrastructure investment was slower than expected and pricing remained very competitive.

The group declared a dividend of 68 cents per share, up 5% from 65 cents in 2016.

Albert Manifold, Chief Executive, said: '2017 was a year of continued profit growth for CRH. We benefited from increases in underlying demand in the Americas and positive momentum in Europe, and with focus on performance improvement and operational delivery, margins and returns were ahead of last year in our American and European Divisions. Supported by strong operational cash generation, we continued to deliver value through efficient capital management.'

'With a balanced portfolio of businesses CRH is well positioned to capitalise on ongoing economic recovery and our focus remains on consolidating and building upon the gains made in 2017. Against this backdrop, we believe that 2018 will be a year of continued growth for the Group.'